Quick answer: between 4:00 and 5:00, or between 4:30 and 5:00 depending on the equipment at that particular office. Yes, changed manually.
More specifically, practices varied through the years, but your cancel is from the 1920s, so using the 1924 "Postal Laws and Regulations", note halfway through section 525: "... and hour thereof if the office be supplied with an hour-dating stamp."

One the next page, the first paragraph of section 526 details how the time is set forward, etc.

On a tangent to cite an exception to the practice of half-hours being the smallest time division normally used in the U.S., some models of canceling machines from the Time Marking Machine Company (especially the larger-dial machines in common use 1909-1913) had an automatic clock mechanism to mark mail to-the-minute. The clock did not work properly in many cities and the time was apparently manually advanced each half hour. Elkhart, Indiana's clock worked for only a portion of the 4 years there. Here are some working examples:

Lastly, many of the spray cancels from the last few decades mark mail to-the-minute. A longer reply than I intended!